Rebounding Tech Stocks Propel Nasdaq 100 to Historic Rally
The Nasdaq 100, closely monitored through the Invesco QQQ Trust, Series 1 (QQQ), concluded Thursday with a remarkable 2.5% surge, extending its winning streak to six days. This rally, boasting a 9% climb over the past half dozen sessions, represents the most robust such performance since November 2022. Traders, seizing the opportunity amidst recent corrections, displayed unabated bullishness as they flocked to tech shares.
The Nasdaq 100’s resurgence, reclaiming ground lost during the early-month selloff, hit a significant checkpoint on Thursday. By surmounting its 50-day moving average after breaching it on July 24, the index signaled a compelling recovery from recent turbulence.
Tech Stocks Break Past 50-Day Average, Achieving 2-Year Rally Record
Within the tech sector, semiconductor stocks shone brightly, with the VanEck Semiconductor ETF (SMH) registering an impressive 16% surge over the same six-day period, marking its most robust performance since late 2022. This resurgence reflects the apparent alleviation of recession fears that plagued markets earlier in the month, particularly impacting the tech realm.
Contrary to early August’s somber economic indicators, recent data hint at a more robust U.S. economy than initially perceived. The unexpected dip in initial jobless claims over the past fortnight casts doubt on July’s uptick in the unemployment rate, suggesting a transient anomaly rather than an ominous sign of labor market woes. Encouragingly, July’s retail sales surpassed expectations with a vigorous 1% month-over-month climb, signaling resilience rather than fragility.
Standout Performers in the Nasdaq 100 Arena
| Name | % Return |
| Marvell Technology, Inc. (MRVL) | 8.71 |
| Super Micro Computer, Inc. (SMCI) | 8.59 |
| Cisco Systems, Inc (CSCO) | 6.78 |
| ON Semiconductor Corporation (ON) | 6.76 |
| Lululemon Athletica Inc. (LULU) | 6.68 |
On a less thrilling note, the day’s laggards in the Nasdaq 100 were:
| Name | % Return |
| Mondelez International, Inc (MDLZ) | -1.32 |
| O’Reilly Automotive, Inc. (ORLY) | -1.24 |
| T-Mobile US, Inc. (TMUS) | -0.96 |
| Verisk Analytics, Inc. (VRSK) | -0.90 |
| The Kraft Heinz Company (KHC) | -0.88 |
